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Foreign developers flock to Asia to boost sales

PropertyGuru

By Romesh Navaratnarajah:Overseas property developers are showing more interest in Asia, especially Singapore, in a move to boost their sales on the back of weak demand in their local markets.

According to The Straits Times, foreign developers are looking to attract wealthy Asian investors who are unhappy with low bank interest rates and want to invest in other parts of the world.

While the US and European economies have stagnated, Asia continues to see growth with the inflow of foreign funds seeking better returns. For instance, European investors have been looking to Asia to diversify their investments due to the Eurozone debt crisis.

A growing number of overseas developers are using their funds to market projects at roadshows in Malaysia, Hong Kong and Singapore, among other Asian countries.

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In fact, London properties are being launched in Asia first, which implies that Asian buyers have cash to spend, said Darien Bradshaw, CBRE's Executive Director of International Project Marketing for Asia.

Currently, CBRE is marketing Fitzroy Place in London's West End. Singapore accounts for 40 percent of the investment demand; Hong Kong is at 30 percent while the rest comes from London.

Apart from London, Kuala Lumpur and Melbourne, which are popular investment alternatives, more investors are also considering less common cities like Houston, USA and Chengdu in China.

Over the past weekend, marketing agency Roof Real Estate Group held a property exhibition featuring Houston while Centaline Property Agency held a similar exhibition on Chengdu to take advantage of the growth potential of the yuan in the next few years along with the strong Chinese economy. Related Stories:Singapore buyers 'invading' London

URA reserve list site at Farrer Drive to launch for tender

Chinese property developers target Singapore buyers

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